Item Coversheet

*4.A.3.


Shakopee City Council
May 5, 2020

FROM:Nathan Reinhardt, Finance Director
TO:Mayor and Council Members
Subject:
Set the Sale of Tax Increment Revenue Bonds, Series 2020A.
Policy/Action Requested:
Adopt Resolution No. R2020-065, providing for the issuance and sale of General Obligation Tax Increment Revenue Bonds, Series 2020A, in the proposed aggregate principal amount of $8,165,000.
Recommendation:

Approve Resolution No. R2020-065.

Discussion:

The City Council is being asked to set the sale of bonds for the morning of June 2, 2020 with approval considered at the regularly scheduled council meeting that same evening.

 

The proceeds of from the bond sale will be used to pay for the construction of Unbridled Avenue (formerly Barenscheer).  The infrastructure improvements were identified within the Canterbury Commons Areawide Transportation study. 

 

The bonds will be a general obligation of the city, secured by its full faith and credit and taxing power.  However, tax increment revenues from the Canterbury TIF District are estimated to cover 100% of debt service.

Budget Impact:
Additional debt service is anticipated to be fully covered by tax increment revenue from Canterbury TIF district.
ATTACHMENTS:
Description
Resolution 2020-065 Setting Sale of 2020A TIF Bonds
Pre-Sale Summary - 2020A Bonds